Three-Home Multifamily
For Sale
$525,000
2829 S Asotin St, Tacoma, WA 98409
Three residences share one parcel with M-1 zoning and two garage-workshop structures.
Property Size2,734 SF
Price / SF$192.03
Days on Market58
Property Features for 2829 S Asotin St
General Information
Standard status
Active
Size
2,734 SF
Property subtype
Multi-Family
Zoning
M-1
Property Condition
Severity
Repairs Needed
Evidence
need cosmetic updates
Additional Details
Road Access
Yes
Multifamily Units
3
Building Details
Year Built
1910
Listing Agency:
Redfin
Listed By:
Brian Richards · License #112837
(253) 201-3130
Source:
Theinspiregroup
Added: Aug 21
Changed: Oct 2
Last Checked: Oct 16 at 11:56AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Redfin
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Investment Insights
Based on property information with market context.
This 2,769-square-foot multifamily property contains three homes on a single parcel, along with two garages or workshops. Constructed in 1910, the property requires cosmetic updating, while most mechanical systems have been updated. The existing improvements provide a mix of residential structures and functional accessory space.
Located at 2829 S Asotin St in Tacoma, the property has frontage along Center Street. M-1 zoning places the parcel within a Light Industrial District, where manufacturing, industrial, and other permitted uses may be allowed. Residential, investment, redevelopment, and future business applications are identified as potential directions, subject to verification of zoning, permitted uses, and development requirements.
Located at 2829 S Asotin St in Tacoma, the property has frontage along Center Street. M-1 zoning places the parcel within a Light Industrial District, where manufacturing, industrial, and other permitted uses may be allowed. Residential, investment, redevelopment, and future business applications are identified as potential directions, subject to verification of zoning, permitted uses, and development requirements.
Key Highlights
- Three homes situated on one parcel
- 2,769 SF multifamily property
- M‑1 zoning within a Light Industrial District
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,304
Cap Rate
5.96%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$626,080
$626.1K
Cap Rate 7%
$447,200
$447.2K
Cap Rate 9%
$347,822
$347.8K
Market Conditions
NOI Build-Up for 2,734 SF
Gross rent
$60.0K $21.96/SF
− Vacancy
−$3.1K −$1.14/SF
EGI
$56.9K $20.82/SF
− OpEx
−$25.6K −$9.37/SF
NOI
$31.3K $11.45/SF
Area
Tacoma, WA
Vacancy
5.20%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$626,080
Cap Rate 7%
$447,200
Cap Rate 9%
$347,822
Alternative Uses
Best Use
Apartment 5plus
$447.2K
$391.3K – $521.7K
NOI $31,304 @ 7.0% cap · market cap 5.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$840.4K
$735.3K – $980.4K
NOI $58,825 @ 7.0% cap · market cap 11.20%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
429
Businesses Nearby
Explore this area
Business Placement
Demographics for 98409, WA
27,840
Population
12,136
Households
2.3
Avg Household Size
33
Median Age
21%
College-Educated
87%
High-School Grad
7.1 sq mi
ZIP Area
3,921
Density / Sq Mi
$71,649
Median Household Income
$43,652
Median Earnings
$1,579
Median Rent
$363,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Multifamily property - Three residences share one parcel with M-1 zoning and two garage-workshop structures.
Where is this multifamily property located?
The property is located at 2829 S Asotin St Tacoma, WA.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Three homes situated on one parcel; 2,769 SF multifamily property; M‑1 zoning within a Light Industrial District
